The Financial Commission (FinaCom), a Hong Kong-based external dispute resolution (EDR) organization, said on Thursday it has added a new member – binary options broker Olymp Trade. The Commission now consists of 14 members after the broker received an official member status on 22 February, 2016.
The commission has certified the broker’s trading technology, which is a prerequisite for binary options companies for acquiring a FinaCom member status.
As a result of joining the FinaCom, Olymp Trade can offer its clients confidence and security in case a dispute arises as they can turn to a neutral third party for resolution.
“We believe having such an option is an integral part of complementing an already successful customer support and relationship management process, when dealing with a large number of traders in markets such as foreign exchange,” said Olymp Trade COO Andrey Yarin. “It is great to see that there is finally a global organization, such as Financial Commission, which can expeditiously resolve conflicts within our industry in a friendly and a professional manner.”
“Binary Options are considered a new and highly automated products, with all trading done on electronic platform. Unfortunately, there is no singular standard that binary options shall adhere to and this is why trading technology certification is a crucial point in obtaining the status with the Financial Commission,” FinaCom chairman Peter Tatarnikov said.
The Financial Commission is an EDR organization, which aims to act as a neutral third party, or a mediator, in disputes in the forex and binary options markets between its members and their clients. Its members are mainly large brokers, many of which Russia-based. Its members list consists of AITS FX, AMarkets formerly known as AForex, Alpari, EQMarkets, EQTrades, Forex Club, FxOpen, Grand Capital, HDForex, Ibinex, MTrading. NPBFX, RoboForex, and now Olymp Trade.
FinaCom has established a Compensation Fund that acts as an insurance policy for clients of its members.If clients of the commission’s members cannot come to an agreement with their broker in case of a dispute, they can turn to the commission and get back up to $10,000 of their investment. The fund is financed with 10% of the membership fees brokers pay.
Olymp Trade is a trading brand of Seychelles-registered online binary options trading service provider Smartex International Ltd. The broker has developed its own proprietary web-based trading platform